The Energy Report for Friday, November 13, 2009
By Phil Flynn
13 November 2009 @ 09:38 am EDT
Is it possible that our US jobless recovery might not be so jobless after all? Weekly jobless claims fell 12,000 to 502,000 giving the dollar a boost and the crude a trouncing even before the bearish Energy Information Agency weekly inventory report. Oh sure the overall jobless rate is still lousy but that puts the four week average at the best level in over a year and that gave some life the beleaguered dollar. Now with Obama on his way to China, the dollar could be poised for more short covering. We may see that happen when the Census Bureau releases the September balance, or should I say the imbalance, of trade data. The U.S. trade deficit is expected to widen to $32 billion from $30.7 billion in August. Most of that is with China.